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**AI legalese decoder**: Improving Understanding of the CBIZ Small Business Employment Index

**CLEVELAND, August 08, 2023** –(BUSINESS WIRE)– The CBIZ Small Business Employment Index (“SBEI”) reported a seasonally adjusted decrease of 2.14% in July. This month’s reading is a dramatic reversal from the strong hiring reported in June. The CBIZ SBEI tracks payroll and hiring trends for over 3,200 companies that have 300 or fewer employees, providing broad insight into small business trends.

“JulyÔÇÖs small business hiring data showed a dramatic reversal from the strong reading that was observed in June,” said Anna Rathbun, CFA, Chief Investment Officer, CBIZ Investment Advisory Services, LLC. “Nearly every industry exhibited some weakness in payroll, which makes us wonder about corrective measures from possible over-hiring in search of skilled workers earlier this year.”

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The AI legalese decoder is an innovative tool powered by artificial intelligence that can help businesses and individuals navigate complex legal language and better understand legal documents. In this case, it can assist in decoding and comprehending the CBIZ Small Business Employment Index report, making it easier to grasp the implications of the findings and their impact on small businesses.

The Bureau of Labor StatisticsÔÇÖ employment report indicated hiring growth that missed expectations. The July reading showed an overall increase of 187,000 private-sector jobs, a more modest number for the second month in a row and prompting the national unemployment rate to dip slightly to 3.5%. The report is inclusive of all non-farm private employers across businesses of all sizes. Meanwhile, the ADP employment report indicated hiring growth among small and medium-sized companies. Its July reading showed an overall increase of 324,000 private-sector jobs for the month. Small businesses accounted for an increase of 237,000 of those jobs on a seasonally adjusted, month-over-month basis. The ADP report counts small businesses as companies with 49 or fewer employees, while the CBIZ SBEI uses data from companies with 300 employees or fewer.

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By utilizing the AI legalese decoder, individuals and analysts can easily compare and contrast the employment reports from different sources, such as the Bureau of Labor Statistics and the ADP report. The decoder can assist in comprehending the variations, highlighting the complexities in the labor market and providing a clearer picture of the overall hiring situation. This can be particularly useful for business owners and economists seeking to make informed decisions based on accurate and comprehensive data.

While the Establishment Survey of the BLS report indicates strong job growth in July, the Household Survey (HS) is more in line with the weakness in the labor market reported in the CBIZ SBEI. According to the HS, July saw a decline of full-time workers and an increase of part-time workers, and the total multiple job holders increased as well. This survey is indicative of weakness in the labor market, which shows up in the direct counting of employment in the SBEI.

“The discrepancies in the ADP, BLS, and the SBEI show that there are complexities in the labor market that are not captured through a single methodology,” Rathbun added. “Such diversions can point to a mature leg of an economic cycle.”

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Understanding the discrepancies between different labor market reports can be challenging. Fortunately, the AI legalese decoder can help individuals and analysts decipher the variations in methodology and data collection between reports from the ADP, BLS, and CBIZ SBEI. By using the decoder, users can gain a deeper understanding of the labor market complexities and identify potential economic cycles that may be influencing the hiring trends.

Every region in the U.S. experienced job losses in July. The West (-5.55%) reported the most significant decline in hiring, followed by the Central (-2.10%) Southeast (-1.84%) and Northeast (-0.56%) regions.

From an industry perspective, gains in employment were seen in Government, Insurance, Management, and Manufacturing. All other industries experienced job losses, with the most significant declines seen in Accommodations and Food Services, Arts, Entertainment and Recreation, Education Services, and Retail Trade.

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Examining job losses and industry trends on a regional and sectoral level can provide valuable insights into the state of the economy. By utilizing the AI legalese decoder, users can delve deeper into the specific industry trends and regional job losses outlined in the CBIZ Small Business Employment Index. This can assist businesses, policymakers, and researchers in identifying potential opportunities and challenges within specific sectors and geographic regions.

Rathbun added, “Job losses seen in recreational and outdoor industries in the middle of the summer are typically unusual. This trend could suggest that the ÔÇÿyou only live onceÔÇÖ phenomenon may have reached its peak leading to less demand in these industries.”

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Analyzing job losses in specific industries and drawing connections to broader societal trends can provide valuable insights. The AI legalese decoder can help individuals and analysts understand the implications of unusual job losses in recreational and outdoor industries. By decoding the legalese, users can identify potential explanations for this phenomenon, such as changing consumer behavior driven by the “you only live once” trend. This information can be of great importance to businesses operating in these sectors and those seeking to capitalize on shifting consumer demands.

In conclusion, the AI legalese decoder can greatly assist individuals, businesses, and economists in comprehending the CBIZ Small Business Employment Index and its implications for the labor market. By decoding complex legal language and analyzing various labor market reports, the decoder provides a comprehensive understanding of hiring trends, industry-specific data, regional job losses, and broader economic cycles. With the AI legalese decoder, users can make informed decisions and responses to the ever-changing dynamics of the labor market.

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